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Affordable Housing Trust reports $147 million in funds, says town is nearing safe-harbor with 405 permitted units
Summary
The Nantucket Affordable Housing Trust reported a total fund balance of about $147 million after voters approved new authorizations at town meeting and staff updated trustees on project timelines, loan repayments and safe-harbor progress.
Penny Dye, vice chair of the Nantucket Affordable Housing Trust, told trustees the trust has about $147,000,000 in funds after the results of annual town meeting and ongoing loan activity and grants.
Christie (staff member, Housing Office) said the town meeting added $11.5 million in new resources — $5 million in bonding authority from the Community Preservation Committee and $6.5 million from the annual override — and that the trust’s total funds now total "just about 148,000,000." Christie also cautioned that $45,000,000 of that total is a borrowing authorization and that the $6.5 million override is set aside to pay the debt service once borrowed.
The staff update reviewed recent project milestones. Christie said Wiggles Way is complete with residents moving in, with one final certificate of occupancy pending. Richmond Development closed on its last 80% AMI…
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